ICICI Bank 2016 Annual Report Download - page 11

Annual Report 2015-2016 9
We demonstrated the substantial value created by our
subsidiaries, with a 6% stake sale in ICICI Prudential
Life Insurance Company at a company valuation of
` 325.00 billion and a 9% stake sale in ICICI Lombard
General Insurance Company at a company valuation
of ` 172.25 billion.
The Bank maintained a very strong capital position,
with Tier-1 capital adequacy of 13.09% and total
capital adequacy of 16.64%, well above regulatory
requirements.
The profits and the strong capital position enabled the
Bank to maintain a healthy proposed dividend of ` 5
per equity share.
We continued to strengthen our position across the
financial sector. Our insurance subsidiaries maintained
their leadership position among private sector players.
ICICI Prudential Asset Management Company became
the largest mutual fund in India, with assets under
management of over ` 1.8 trillion.
We continued to partner the nation in its journey of inclusive
growth. ICICI Foundation for Inclusive Growth scaled up the
ICICI Academy for Skills to 22 skill training centres across
the country and imparted training to over 25,000 youth,
including 10,000 women. Through the Academy and our
Rural Self Employment Training Institutes in Rajasthan,
ICICI Foundation has trained over 60,000 youth, and we
are targeting the milestone of training 100,000 youth by
March 2017. We continued to focus on rural development
through financial inclusion. At the end of fiscal 2016, the
Bank had 20.7 million basic savings bank accounts. The
Bank actively participated in the government schemes
launched under the Jan Suraksha Yojana and was among
the first to initiate enrollments for insurance schemes
through SMS.
Our strategic priorities going forward are summarised
below as the 4 x 4 Agenda:
Portfolio quality
1. Proactive monitoring of loan portfolios across
businesses;
2. Improvement in credit mix driven by focus on retail
lending and lending to higher rated corporates;
3. Reduction of concentration risk; and
4. Resolution of exposures through asset sales by
borrowers, change in management and working with
stakeholders to ensure that companies are able to
operate at an optimal level and generate cash flows.
Continuing to enhance the franchise
1. Sustaining the robust funding profile;
2. Maintaining digital leadership and a strong customer
franchise;
3. Continued focus on cost efficiency; and
4. Focus on capital efficiency and further unlocking of
value in subsidiaries.
The Indian economy is poised to build on the progress
made in the last two years to move ahead on its growth
path. The ICICI Group is well-positioned to address
the challenges in certain sectors and capitalise on the
opportunities that will arise out of India’s growth and
transformation. I look forward to your continued support
in this journey.
With best wishes,
Chanda Kochhar